Board Minutes

 

IOWA LAKES ELECTRIC COOPERATIVE
Board of Directors Meeting
July 30, 2026

ONLINE MINUTES

The meeting of the Iowa Lakes Electric Cooperative Board of Directors was called to order at 9 a.m. by Board Chair Dan Winterhof on July 30, 2026, at the Cooperative’s headquarters in Estherville, Iowa. Executive Assistant Amy Howard assisted in the taking of minutes thereof.

 

The following directors were present either in person or by video conference: Bruce Amundson, Ben Ashland, Jerry Beck, Chad Boysen, Jason Glienke, Nick Kerns, Jared Larsen, Alan Madden, Crystal Pluth, Gary Rouse, Mark Tuttle, Trent Will, Roger Williamson and Dan Winterhof.

 

Also present for the meeting were President and CEO Ryan Craig, Vice President of Operations and Engineering Aaron Ruschy, Vice President of Finance/CFO Shelly Tredway, Vice President of Customer and Corporate Relations Jen Sievert, Executive Assistant Amy Howard and Cooperative Attorney Scot Bauermeister.

 

Participating in a portion of the meeting were Communications Specialist Katie Harris, Manager of Human Resources and Payroll Kristin Hanson, Operations Services Coordinator Steve Loken, Managing Partner Keith Kaderly of Inside Information and Employee Engagement Survey Director Kristie Haase of MRA.

 

AGENDA

 

Board Chair Winterhof asked if there were any additions to the Board Agenda. Being none, it was moved and seconded to approve the agenda. Motion carried.

 

MINUTES

 

Board Chair Winterhof asked if there were any changes or corrections to June 25, 2026, Board Meeting minutes as provided. Being none, it was moved and seconded to approve the minutes. Motion carried.

 

UNFINISHED BUSINESS

 

Attorney Bauermeister reported there was no pending litigation.

 

NEW BUSINESS

 

ACSI & CAPS Member Satisfaction Results

 

Communications Specialist Katie Harris introduced Managing Partner Keith Kaderly of Inside Information to present the 2026 Member Satisfaction Survey results. Kaderly explained the survey was conducted in the spring of 2026, during which time online responses were gathered from 253 randomly selected residential member-owners.

 

CAPStone is an industry-specific benchmarking tool being used by cooperatives nationwide to gauge performance in service areas deemed most important by member-owners. Key variables include trustworthiness, truly cares about its member-owners and is a well-managed organization. The Cooperative received an overall CAPS score of 92 and one point lower than last year’s score and three points higher than Inside Information’s client’s average.

 

The Cooperative’s overall ACSI satisfaction score of 87 was one point lower than last year’s score. The survey results showed 89% of member-owners are overall satisfied with the Cooperative and 87% stated the Cooperative exceeds their expectations.

 

The Net Promoter Score® is a metric that measures loyalty through responses to one question: If you had a friend or relative moving to this area and they could choose their electric company, how likely is it that you would recommend Iowa Lakes Electric Cooperative to them? The results showed Iowa Lakes Electric Cooperative member-owners promote the Cooperative. The Net Promoter Score of 68 is considered Excellent.

 

Discussion followed. Harris left the room and Kaderly left the video conference.

 

Employee Engagement Survey Summary

 

President and CEO Ryan Craig introduced Manager of Human Resources and Payroll Kristin Hanson and Employee Engagement Survey Director Kristie Haase of MRA. Haase presented the Employee Engagement Survey Summary. Discussion followed.

 

Hanson left the room and Haase left the video conference.

 

Mayday Exercise Summary and Lessons Learned

 

Operations Services Coordinator Steve Loken presented a summary of the Mayday exercise and the lessons learned. Discussion followed.

 

Loken left the room.

 

Memberships for Approval (Action)

 

It was moved and seconded to approve the memberships as presented. Motion carried.

 

Basin Annual Meeting Voting Delegate & Alternate (Action)

 

Board Chair Winterhof stated a delegate and alternate are needed for the Basin Annual Meeting to be held August 11-13 in Bismarck, ND.

 

It was moved and seconded to approve the following Basin Annual Meeting voting delegate and alternate:

 

Delegate: Director Amundson                Alternate: Vice Chair Boysen

 

Motion carried.

 

CLA Statement of Work – Audit Services Letter (Action)

 

Vice President Tredway presented information as it concerns the annual audit engagement letter which has been received from CliftonLarsonAllen LLP for the current calendar year 2026.

 

Following discussion, it was moved and seconded to approve the Statement of Work with CLA. Motion carried.

​

Resolution Approving Heartland Security Acquisition of People’s Security Company (Action)

 

President and CEO Craig presented a resolution, and the Board consented to:

• Heartland Security Services’ (HSS) acquisition of People’s Security Company;

• The issuance of new membership units to Cooperative Holding Company (CHC) in connection with the acquisition;

• Waiving the right to acquire the new membership units; and

• Accepting the appointment of Governor Tim Thompson to the Board of Governors

It was moved and seconded to approve the resolution. Motion carried.

 

VP/CFO Financial Report

 

Vice President Tredway reviewed the financials for June 2026. Discussion followed.

 

Mid-year Work Plan Review Updates

 

President and CEO Craig and Vice Presidents Sievert, Ruschy and Tredway reviewed their respective department’s mid-year work plan.

 

NRECA Governance Talk Video

 

The Board of Directors viewed NRECA Governance Talk Video – The Board’s Role in Mitigating Risk.

 

Vice President Reports

 

Vice President Ruschy reviewed his monthly report.

 

Vice President Sievert reviewed her monthly report. Sievert explained the Iowa Lakes Electric Member-Owner Charitable Foundation Board of Directors reviewed the Cooperative’s administrative practice for member-owners who choose to opt out of the Operation Round Up (ORU) program. The Foundation Board recommended that, upon a member-owner’s request to discontinue participation, participation end with the following billing cycle and previous ORU contributions not be refunded. The Iowa Lakes Electric Cooperative Board of Directors concurred with the Foundation Board’s recommendation.

 

President and CEO Report

 

President and CEO Craig reviewed his monthly report, which included an overview of meetings he attended during the past month and an update on the potential sale of the Cooperative’s two wind farms. Discussion followed.

 

G&T Reports

 

Basin – Director Beck provided a Basin report.

 

Corn Belt Power Cooperative – President and CEO Craig provided a Corn Belt report.

 

NIPCO – President and CEO Craig and Secretary Will provided a NIPCO report.

 

IAEC – Director Amundson provided a Statewide report.

 

DIRECTOR’S MEETING AND TRAINING REPORTS

 

Director Larsen reported the ILEC New Director/Employee Orientation was beneficial.

 

President and CEO Craig and Board Chair Winterhof reported on their attendance at the IAEC Managers’ & Board Presidents Summer Conference in Okoboji on July 9-10.

 

CLOSED SESSION (ACTION)

 

Board Chair Winterhof asked the Board of Directors to go into closed session to conduct President and CEO Craig’s annual evaluation. It was moved by Director Beck and seconded by Treasurer Pluth to go into closed session. Motion carried.

 

It was moved and seconded to come out of closed session. Motion carried.

 

MISCELLANEOUS

 

Board Chair Winterhof reminded everyone in attendance the next regularly scheduled Board of Directors meeting will be held at 9 a.m. on Thursday, August 20, 2026, at the Estherville headquarters.

 

Board Chair Winterhof requested miscellaneous items be brought before the Board of Directors for discussion and attention at this time.

 

Board Treasurer Pluth reviewed the journal of checks and master credit card statements issued for the month of June 2026 prior to the meeting.

 

Board Treasurer Pluth and Board Secretary Will reviewed and approved the director per diem forms for the month of July 2026.

 

ADJOURNMENT

 

There being no further business to be brought before the Board of Directors, it was moved and seconded to adjourn. Motion carried.

 

Approved August 20, 2026

 

Trent A. Will, Secretary